Kuwait oil minister says so far no plan to exit oil cuts

"The production-reduction agreement will remain for a long time and there is no thinking right now to exit it," Rashidi told a news conference.

A TV camera is seen outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017.

REUTERS/Leonhard Foeger

Ahmed Hagagy,
Reuters News

KUWAIT - Kuwait's oil minister Bakhit al-Rashidi said on Wednesday there is no plan or intention so far to exit from a production-cutting agreement among OPEC and non-OPEC oil producers.

"The production-reduction agreement will remain for a long time and there is no thinking right now to exit it," Rashidi told a news conference in Kuwait City.

He said a Jan. 21 committee meeting of some OPEC and non-OPEC ministers in Oman would focus on reviewing adherence to the cuts, adding that compliance in December was at 125 percent.

Russia and Saudi Arabia are leading the joint effort to limit crude production and prop up prices. The agreement runs until the end of 2018. (Reporting by Ahmed Hagagy; Writing by Rania El Gamal; Editing by Dale Hudson)